Freehold Retail Investment with Residential Development Potential (Subject to Consents)
Substantial Grade II Listed Property
Includes 4 Retail Units and Self Contained Ancillary Upper Floors
Busy Town Centre Location
Residential Development Potential of Upper Floors (Subject to Consents)
Approximately 365.92 sq m (3,926 sq ft)
Lot 28
Auction 4th November 2021
Rent
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
15 miles east of Nottingham,
16 miles south west of Lincoln,
35 miles south east of Sheffield
Roads
A46, A1, A617,
Rail
Newark Castle Railway Station,
Newark Northgate Railway Station
Air
East Midlands Airport,
Doncaster / Sheffield Airport, Birmingham Airport
Situation
Newark is a historic and picturesque market town approximately 15 miles north east of Nottingham.
The property is situated on the north side of the busy Castlegate Road at its junction with Boar Lane and directly opposite Newark Castle and Gardens. The property is located in the main commercial centre of Newark with nearby occupiers including Savers, Vodafone and many local traders, cafes and restaurants.
Tenure
Freehold.
Location
Miles
15 miles east of Nottingham,
16 miles south west of Lincoln,
35 miles south east of Sheffield
Roads
A46, A1, A617,
Rail
Newark Castle Railway Station,
Newark Northgate Railway Station
Air
East Midlands Airport,
Doncaster / Sheffield Airport, Birmingham Airport
Situation
Newark is a historic and picturesque market town approximately 15 miles north east of Nottingham.
The property is situated on the north side of the busy Castlegate Road at its junction with Boar Lane and directly opposite Newark Castle and Gardens. The property is located in the main commercial centre of Newark with nearby occupiers including Savers, Vodafone and many local traders, cafes and restaurants.
Tenure
Freehold.
Description
The property, a substantial Grade II listed building comprises 5 ground floor retail units and self contained ancillary accommodation on the first an second floors which may be suitable for conversion to residential flats (subject to consents).
VAT
VAT is not applicable to this lot.
Completion Period
6 Week Completion
EPC
Not required as the property is Grade 2 listed
Description
The property, a substantial Grade II listed building comprises 5 ground floor retail units and self contained ancillary accommodation on the first an second floors which may be suitable for conversion to residential flats (subject to consents).
VAT
VAT is not applicable to this lot.
Completion Period
6 Week Completion
EPC
Not required as the property is Grade 2 listed
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
21 Castlegate & 2 Boar Lane
Ground
Retail
34.74 sq m
(373 sq ft)
INDIVIDUAL t/a BODRUM KEBAB HOUSE
20 years from 01/09/2020
£16,000
01/09/2025 (31/08/2040)
21a Castlegate
Ground Basement
Retail
89.76 sq m 23.20 sq m
(966 sq ft) (249 sq ft)
INDIVIDUAL t/a DRAGON CITY (4)
20 years from 28/11/2003
£17,500
(28/11/2023)
4-6 Boar Lane
Ground
Retail
84.92 sq m
(904 sq ft)
INDIVIDUAL t/a BEAU & BROOKE
5 years from 01/11/2019
£10,000
(01/11/2024)
12 Boar Lane
Ground
Retail
29.50 sq m
(317 sq ft)
KD LIVING LIMITED (2)
5 years from 01/02/2020 (2)
£7,000
(31/01/2025)
Upper Parts of 21 & 21a Castlegate
First Second
Ancillary
78.90 sq m 24.90 sq m
(849 sq ft) (268 sq ft)
INDIVIDUAL
12 Month Licence
£3,300
Total Approximate Floor Area
365.92 sq m
(3,926 sq ft) (1)
£53,800
(1) The above floor areas are those published by the Valuation Office Agency (www.voa.gov.uk) (2) As to 12 Boar Lane, KD Living limited was incorporated in February 2018. The tenant has sublet the unit to an individual t/a The Little Hair Extension Boutique for a term of 3 years from 15th March 2024, subject to a tenant option to determine the sub lease on 15th March 2023 and at a current rent reserved of £6250 per annum. (3) The Upper parts are occupied under the terms of a licence agreement that can be determined by either party on serving 1 months written notice. (4) As to 21 Castlegate & 2 Boar Lane, the Seller is holding a 3 months rent deposit.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.